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Sunday, May 26, 2024

Over 12,000 California homeowners to lose their policies next year

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Another wave of insurance non-renewals is coming, with two additional insurance companies leaving California.

According to documents filed with the California Department of Insurance, two insurance companies, subsidiaries of the Japanese company Tokio Marine Holdings—Tokio Marine America Insurance and Trans Pacific Insurance—are discontinuing their provision of homeowners’ policies and personal umbrella insurance in California.

Two more insurance companies are withdrawing from California’s market. [Image captured from Tokio Marine America]

In total, these two insurance companies provide 12,556 homeowners’ insurance policies, and Tokio Marine Insurance offers 2,732 umbrella policies.

Impacted customers will begin receiving notifications of non-renewal from July 1, and the non-renewal will be effective starting August 1 of the next year.

Major insurance companies have been making similar moves over the past year.

Companies like State Farm, Allstate, and Farmers already stopped accepting new applications last year.

Just about a month ago, State Farm announced that it would stop providing 72,000 property and apartment policies.

BY HOONSIK WOO [woo.hoonsik@koreadaily.com]

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